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Dollar Tree Jumps After Report That Carl Icahn Is Accumulating a Stake

(Bloomberg) -- Discount retailer Dollar Tree Inc. spiked the most in eight months after a report that billionaire investor Carl Icahn is accumulating a significant stake in the company.

The New York Post reported Icahn’s stock position on its website, without saying how it obtained the information. Dollar Tree shares jumped as much as 7.1 percent to $86.70 on Tuesday, the biggest intraday spike since February. The stock had fallen almost 25 percent this year through Monday’s close.

Shares of competitor Dollar General Corp. also surged after the report.

A representative for Icahn declined to comment. Dollar Tree wasn’t immediately available for comment.